USBE finance report: USDB ends fiscal year with deficit, enrichment fund drawn down after summer programs

The Utah State Board of Education heard July fiscal-year results and a report on extracurricular programming for the Utah Schools for the Deaf at its meeting, where staff said the school system ended FY2024 with a deficit and a drawdown of one-time reserves.

Superintendent Coleman reported that revenues for the year ending June 30 totaled just over $54 million while expenses totaled about $57 million, leaving a deficit in the neighborhood of $3.3 million. Staff said the agency started the year with roughly $7 million in cash and ended with about $1.8 million on hand. That balance is expected to increase slightly when roughly $900,000 in accounts receivable are collected, officials said.

Board members were told the land-grant enrichment fund — the internal fund that pays for student activities and summer programs — ended the fiscal year at about $1,051,000. Project spending through June 30 totaled $718,002.91 against board authorizations of about $631,600, producing an overspend of roughly $87,000. Officials described the…